# Golf Retail Operations

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1 Golf Retail Operations This section, contributed by the Association of Golf Merchandisers (AGM) contains important components necessary to make your golf retail operation profitable. This is just an overview of what is required. More detailed information can be found in the AGM Merchandise Manual. For information on how to obtain a copy of the Manual, golf merchandising statistics, a list of golf merchandising consultants, hiring a merchandiser, presentation of a golf merchandising seminar to your personnel or other golf-retail related information, contact: Association of Golf Merchandisers P O Box 19899, Fountain Hills, AZ Website: agmgolf.org Phone Fax Contents Golf Retail Math: The Basics Merchandise Planning Inventory Control Buying Strategies and Tips Shop Layout and Visual Presentation Merchandise Sales How Does Your Shop Measure Up? 1

2 Golf Retail Math: The Basics It is necessary to understand some basic elements of retail math to successfully plan your golf shop's inventory, sales and profits. 1. Calculating Profit and Loss. The basic formula is: Sales - Cost of Sales (cost of goods sold) = Gross Margin (gross profit) - Other Expenses (such as payroll, supplies, utilities, etc.) = Net Profit (return on your investment) 2. Cost of Sales Percentage: A good measure of your golf shop's profitability is its cost of sales percentage. The lower the cost of sales percentage, the higher the profits. Industry benchmarks for average cost of sales percentages range from a low of 55.5% at resort golf shops to a high of 68.8% at golf shops at private country clubs. See chart on page 14 for AGM member sales statistics. Example: To compute your cost of sales percentage, divide cost of sales by sales: Cost of Sales \$300,000 (at retail) Divided by Sales \$500,000 (at retail) Equals Cost of Sales Percentage 60% 3. Markup: The difference between the wholesale cost and the original retail price. Generally, golf equipment receives a 20-30% markup, apparel receives at least a 52% markup, while some accessory items receive a considerably higher markup. For example, a logoed ballmarker that cost 67 cents might easily retail for \$ Markdown: Any reduction in retail price that is required when customers will not pay the original retail price. Markdown merchandising is a 12-month, 52-week responsibility! Recommendation: The Association of Golf Merchandisers recommends a 90-day markdown policy. That is, items not sold within 90 days of original receipt should be marked down to clear the items from stock. Markdowns should be taken year round and tracked accurately by vendor. High markdown vendors should be replaced with more profitable vendors for the proceeding season. 5. \$ Per Round: An analysis to demonstrate the relationship between sales and the number of persons who play golf at your facility. Example: To compute, dollar-per-round, divide sales by rounds. 2

3 Sales \$500,000 Divided by Rounds Played 50,000 Equals Dollar-Per-Round \$10.00 Industry benchmarks for average dollar-per-round range from a low of \$11.85 at "public" golf facilities (daily fee, semi-private, municipal) to a high of \$20.46 at golf shops at resorts. See chart on page 14 for AGM member sales statistics. 6. \$ Per Square Foot: An analysis to demonstrate the relationship between sales and the number of square feet of available selling space. Example: To compute dollar-per-square-foot, divide sales by shop square footage. Sales \$500,000 Divided by Shop Square Footage 1500 Equals Dollar-Per-Square-Foot \$ Industry benchmarks for average dollar-per-square-foot range from a low of \$358 at shops at private country clubs to a high of \$548 at golf shops at resorts. See chart on page 14 for AGM member sales statistics. 3

5 Sample Merchandise Planning (Budgeting) Form (The figures shown here are a sample and should not be used as your planning guide!) Department/Classification Planned Sales \$ (at retail) Planned Sales/Inventory % Men's Shirts \$100,000 20% Men's Sweaters 20,000 4% Men's Slacks 10,000 2% Men's Shorts 20,000 4% Men's Outerwear 20,000 4% TOTAL MEN'S Total Men's \$170,000 Total Men's 34% Women's Shirts \$ 30,000 6% Women's Sweaters 10,000 2% Women's Slacks 5,000 1% Women's Shorts 10,000 2% Women's Outerwear 5,000 1% TOTAL WOMEN'S Total Women's \$ 60,000 Total Women's 12% Woods \$ 25,000 5% Irons 22, % Putters 5,000 1% Wedges 2,500.5% Balls 65,000 13% Bags and Accessories 25,000 5% TOTAL HARDGOODS Total Hardgoods \$145,000 Total Hardgoods 29% Headwear \$ 55,000 11% Gloves 25,000 5% Shoes 25,000 5% Gifts 20,000 4% TOTAL MISC Total Misc \$125,000 Total Misc 25% TOTAL PLANNED SALES \$500, % 5

6 Inventory Control The most important component of a profitable golf retail operation is inventory control. By that we mean bringing in just the right amount of inventory at just the right time. As mentioned in the previous section, Merchandise Planning, at the beginning of each month you need to determine if, when and how much new merchandise you need to bring into the golf shop. The biggest reason why golf pro shops are not profitable is because too much money is tied up in too much inventory. What are the biggest causes of too much inventory? Overbuying Increased competition Late deliveries Incorrect buying Local recession Adverse weather conditions To avoid an overbought, over-inventoried situation, you need to focus on two things: Turnover and Stock-to-Sales Ratios. 1. Turnover: The number of times an average retail inventory is sold within a given period of time, usually a year. Example: To arrive at turnover for the year, divide the total sales for the year by the average inventory: Sales \$500,000 (at retail) Divided by Average Inventory \$125,000 (at retail) = Inventory Turns 4 Recommendation: The Association of Golf Merchandisers (AGM) recommends a turnover rate of 2 times per season (approximate 6 month period) or 4 times per year. Faster turnover rates occur with lower average inventory and result in increased profitability. 2. Stock-to-Sales Ratio: A calculation that reveals how long the amount of stock (inventory) on hand will last if sales remain constant. Most golf pro shops carry two to three times more inventory than necessary. Recommendation: The AGM recommends that your stock (inventory) should equal no more than you will sell during the next three months. 6

10 Golf Show/Market Preparation Checklist Pre-Plan: Review industry publications for trends: fabrics, fabrications, colors, styles. Check inventory for reorders. Identify fast moving classifications and trends in your current inventory. Check your Merchandise Plan. Know how much money in each classification you have to spend. Pre-Set Appointments: Allow time to walk the Show or Market. Make core vendor appointments to help structure your buy. If time is limited, get core vendors to highlight their lines. Set appointments by classification to make product comparison and features/benefits easier to analyze. Set appointments by geographic area to eliminate walking time between appointments. Walk the Show: Look at the total picture by taking time to shop and interpret the market. Identify trends, look at direction changes such as colors, silhouettes, classifications. Evaluate the merchandise for its ability to cross vendors. This will maximize sellthrough and extend the retail life of the product. Think of how customers will react to these changes in the marketplace. 10

12 Visual Display Tips and Ideas Utilize 1 mannequin or form per 100 square feet of selling space. Mannequins allow you to show complete outfits to entice the customers to buy more than one item. Floor changes (rearrangement of floor units, wall fixtures and merchandise departments) should be scheduled once every 4 to 6 weeks. Rotation gives the golf shop a fresh new appeal and maximizes exposure of product. Merchandise displays (in windows, entryway, counter tops, ends of faceouts, tops of fixtures) should be changed as often as needed, at least once a week. Displays at the ends of aisles should be large and designed to attract customers with special pricing. They compel customers to make unplanned purchases along the way. Organize apparel by collections, color (light to dark), sizes (small to extra large) and sleeve length (from the least amount of fabric to the most). All hangers should be of uniform material (all wood or all plastic). Hanger necks should face in one direction -- to the left. The hanger should form a question mark. 12

14 8. After the sale. Follow through is critical to create repeat customers. Keep a client book or file of "Preferred Customers." Write a thank you note. How Does Your Golf Retail Operation Measure Up? Assess your golf retail operation by answering these questions: 1. What were your total golf shop merchandise sales this past year? \$ 2. What were your cost of sales this past year? - \$ 3. What was your gross profit? (Sales minus cost of sales) = \$ 4. What was your cost of sales percentage? (Cost of sales divided by sales) % 5. What was your dollar per round? \$ 6. What was your dollar per square foot? \$ Golf Merchandise Sales Statistics Each year the Association of Golf Merchandisers surveys its members to collect important statistics relating to average total sales, average dollar per round and average dollar per square foot. The 2000 year-end statistics for on-course golf shops are as follows: AGM Member Survey Year-End Statistics Private Public Resort Number of rounds played 37,228 48,796 43,585 Shop square footage Gross merchandise sales \$488,000 \$578,000 \$892,000 Average \$ per round \$13.09 \$11.85 \$

15 Average \$ per square foot \$358 \$391 \$548 Cost of sales percentage 68.8% 59.4% 55.5% 15

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